Amy Gray, business development executive, Chartered Institute of Public Finance and Accountancy (CIPFA)
Amy said:
Look to the public sector if you are hunting for part-qualified accounting roles: If you are looking specifically for part-qualified roles which will enable you to continue with the Chartered Institute of Management Accountants (CIMA) qualification there are a huge range of roles within public finance. You could consider working for organisations as diverse as the NHS, HM Treasury, the Ministry of Defence, charities or NGO's, Metropolitan Police and public-sector focused roles within firms such as Deloitte, KPMG, PKF, Grant Thornton or PricewaterhouseCoopers. These roles more often than not would expect you to continue your studies with CIPFA — the conversion from CIMA to CIPFA is simple and there are generous exemptions available — plus you will not be limited solely to management accounting, instead gaining a wide ranging knowledge base spanning leadership and management, public policy, management accounting, financial reporting, tax, audit and strategic business management.
The public sector still has a wealth of opportunities available and is crying out for good-quality accountants. It's also a fantastic sector to work in; generous salaries (CIPFA-qualified accountants earn more than their Association of Chartered Certified Accountants (ACCA) and CIMA counterparts — Accountancy Age survey 2009), rewarding careers and generous annual leave packages, as well as flexitime more often than not.
Kerry Hyde, strategic initiatives manager (employers) Association of Chartered Certified Accountants (ACCA). Kerry currently manages the ACCA Graduate Partner scheme which links ACCA employers with undergraduates and is a member of the Association of Graduate Recruiters
Kerry said:
An internship and international experience will put you at an advantage in the financial industries: In the current graduate market, having some work experience is really important. Your internship will always count in your favour. Some companies — particularly those with international clients or exporting overseas — may value your overseas experience more than others. However, having this under your belt should always be seen as a positive. There are lots of graduate-focussed websites you can access for advice on how to make the most of your experience in applications, such as Milkround. Our graduate website also has advice.
To gain experience, approach community and voluntary groups and offer to help with their accounts: Although there are lots of stories in the press, this is still a good time to be getting into accountancy and there are vacancies around. Employers in all sectors of the economy and across the world employ ACCA accountants. However, the salary you earn will vary greatly depending on the type, size and location of your employer. Passing ACCA exams is only one element of getting qualified. You do also need to undertake a Professional Ethics module and achieve a minimum of three years relevant practical experience, achieving 13 performance objectives. This work experience is a key part of the qualification and employes in the UK often expect you to study and gain experience at the same time. In the interim, you could also consider approaching community and voluntary groups and offer to help with their accounts. Although not paid, this may be useful experience to add to your CV and combined with your studies prove to a prospective employer that you are serious and committed to a career in this area.
Pick your accountancy qualifications carefully, it will need to meet your career needs for the next 40 years: Graduates just joining new companies often choose the one they think is most favoured or that their peers are doing. However, the reality is that this qualfication will stay with you throughout your career, so must meet your needs for the next 40 years or so.
Chartered Institute of Management Accountants (CIMA) is a specialist management accountancy qualification, whereas with ACCA you cover all elements of accountancy and then specialise in your final stage. However, both qualifications require you to undertake exams and get a minimum of three years relevant work experience.
ACCAs work in all employment sectors — practice, financial services, corporate and public sectors — and you can move between them throughout your career. So, for example, you could start work in a manufacturing company, move to a Big Four (Ernst & Young, Deloitte, KPMG, PricewaterhouseCoopers) firm and then end up working for a small charity. Even if you spend the start of your career working as a management accountant, if you are ACCA qualified you can, at a later date, gain an audit practising certificate and operate your own audit business in practice. Likewise ACCA is a globally-recognised qualification so if you are thinking of working overseas, this could also be a consideration.
Paul Sweeting, longevity strategist, representing The Actuarial Profession
Paul said:
It is possible to enter an actuarial finance firm as a trainee: The first stage is to make sure that your maths skills are up to scratch — generally, a good maths A Level is the minimum you'll need. You might be able to go straight in to a firm as an actuarial trainee, I do know of people that have done this. However, you would then also generally need a good degree in a numerate discipline (maths, engineering, economics, for example). However, as you can imagine, the jobs market is quite tight at the moment so competition would be fierce. It is also worth speaking to recruitment consultants (many of whom advertise in the profession's magazine, The Actuary, but these deal more with part-qualified actuaries.
The alternative is to do an actaurial science degree or diploma which, depending on the grades you get, will give exemptions from some of the examinations. It would also mean that you could take action whilst there might not be too many openings, and will demonstrate that you do have the skills needed to be an actuary.
If you fancy a break from finance, but want to return in the future, consider your career moves carefully: It depends on the role outside of the financial services industry but the longer you are out of the industry, the more you risk losing up-to-date knowledge. However, if the job outside of the industry provides you with some sort of transferable skills, then this may make it easier to get back. Unless you have a strong desire to do something in particular in another field, holding on might be best for the time being.
Actuarial work is actually a very broad discipline: Actuaries work in pensions, insurance, asset mangement, banking, risk management, the civil service and academia, and this list is not exhaustive. A look at the features covered in the profession's magazine The Actuary shows the range of topics that actuaries look at.
Specialisation only takes place in the later exams, when aiming to qualify as a fellow of the Institute (or Faculty) of Actuaries. Training to the level of associate avoids this specialisation, so qualifying as an associate gives you a good qualification for a broad range of financial work.
It is also possible to try your hand at the actuarial examinations before formally signing up. The profession offers a Certificate in Financial Mathematics as a taster. Also, if you pass this examination and subsequently join the profession, it also provides exemption from the equivalent exam in the syllabus.
Nick Tout, director of Hays Accountancy & Finance — a specialist recruiter
Nick said:
Before choosing between ACCA and CIMA qualifications, research both to see which suits your particular circumstances: They are both excellent qualifications. As long as you complete the whole of one it will put you in a fantastic position in the future. Opportunites once you are qualified are more varied and plentiful than if you are qualified by experience or part-qualified. I would not get too uptight about which one to do, you will probably see some differences in the empahsis on financial versus management accounting within the course specifications, so pick the one that perhaps appeals most. They are both serious exams and you need to be mentally engaged and interested in order to do your best and qualify. If one specification appeals more than the other, then this may be the answer.
Temp work is a great way to get recent experience back on your CV and could lead to a permanent position: Looking at going back into work via a temp to perm route or getting some very recent experience back on your CV as a temp would be my advice. Employers are more fleixble on gaps in CVs when employing temps and if you get into an organisation where you can demonstrate your skills you will be in a good position to be offered a permanent contract. The more flexible you can afford to be on rate and geography the greatest chance you have of securing a foot back in the workplace. And sometimes, using the phone can be more beneficial than just online applications.
